Pacific Urban Residential, a West Coast real estate investor, has acquired a 402-unit apartment complex in Stamford for $ 154 million.
CBRE has announced the sale of Parc Grove Apartments at 200 Broad Street. The CBRE team of Jeffrey Dunn, David Gavin, Gene Pride, Jeremy Neuer, Steve Bardsley and Eric Apfel represented the seller, global real estate investment advisor, and also provided the buyer, Pacific Urban Residential LLC.
Dunn commented, “The offer represents a unique opportunity to buy a 5-acre site that is an entire city block in the heart of downtown Stamford. In addition to its great location and amenities, Parc Grove offers two large courtyards and incredible outdoor space, which is a rarity in a city center like this. ”
He added that the community offers three levels of apartment finishes, giving the buyer the opportunity to modernize the apartments over time.
The sale is the last major multi-family transaction in Stamford in recent months, as the influx of new residents increases occupancy rates by more than 94 percent, according to a 2021 Q1 2021 report from the Stamford Economic Development Authority.
“Due to the massive influx of new residents from New York, it is very difficult to find an apartment or house in Stamford. We expect this trend to continue for at least the next few quarters, ”the report says.
There have been four major deals since the beginning of the year, including the $ 105 million sale of 101 Park Place, which has been a record highest deal so far.
(Visits 1 time, today 27)